The cost of housing has been listed in a recent national survey as a top concern for Canadians, and a major issue in the upcoming general election.
The huge increase in house prices across the country has pushed a great many young people people out of the house market. Thosein seeking to enter the housing market have been turning to condos.
A new study by national realtor Royal-LePage shows that in the first few months of this year alone condo prices have been shooting up substantially in many of Canada’s major cities.
Although not the most expensive, the region around Canada’s national capital, Ottawa, saw the greatest increase in prices year over year at 17.9 per cent to a median of $395 per square foot, while Ottawa proper saw a rise of 4.2 % sq/ft to $444 sq/ft. The average size of a condo in the area is about 895 sq.ft (272 sq/m).
In Canada’s largest city, Toronto, condo prices have risen 8.5 per cent to $839 per square foot, while in the surrounding region the increase was 9.1 per cent to an average cost of $743 per sq/ft.
With an average condo size of about 770 sq/ft, condo prices are in the $600,000 range as a rough average.
A quick search of condos for sales shows actual prices ranging from around $500,000, to well over $1 million dollars
Montreal proper saw price increases for condos up 7.9 percent, and 10.3 per cent in the surrounding areas on Montreal island.
“Baby boomers looking for smaller units, millennials increasing their purchasing power, and more foreign buyers contributed to a hike in condo prices and demand in the past three years,” explained Maxime Tardif, real estate broker at Royal LePage Altitude. “Available land is limited on the island; builders and developers are making every square foot count. As a result, more high-end, spacious units are being constructed in the suburbs, particularly near transit stations.
Vancouver’s prices actually went down, but it remains the most expensive market in Canada. In the city itself the median price per square foot for a condo (average size 780 sq/ft) is $1,044.
Calgary Alberta is among the least expensive major cities where the average condo size is about 850 sq/ft, costs are on average $313 sq/ft.
- Royal LePage: condo price news release
- Royal LePage: prices/graphs (pdf)
- Royal LePage: condos for sale/prices Toronto
- ReMax: condos for sale/prices Toronto
- BlogTO: L. O’Neil: Aug 29/19: Toronto condo prices through the roof
- Financial Post: N Sokic: Aug 28/19: Condos now cost more per square foot than a house